Many times old notes of Rs 500 and Rs 1000 are still found in the house. The question is that if you have Rs 500, 1000 notes, can you go to jail? Today we will tell you what the punishment can be for keeping old notes.
Punishment for keeping old notes
The question is, what action can the government take against you for keeping old banned notes of Rs 500 and Rs 1000? According to the information, those keeping old notes more than the prescribed limit will not be punished with jail. But in this case a fine will be imposed and the amount of the fine will be at least Rs 10,000.
demonetization
It is noteworthy that on November 8, 2016, the government had demonetized old notes of Rs 500 and Rs 1000. After which many people still have old notes. The question is, what use will these notes be now? And what action can the government take on this? Let us tell you that after demonetization, the government had banned 500 and 1000 rupee notes. This note is no longer in circulation in the market, it cannot be used in any way. However, the government can impose a fine against you for keeping more notes than the prescribed limit.
Let us tell you that the government had banned all 500 and 1000 rupee notes after December 31, 2016. Due to which it is not in trend. After the decision of demonetization, the government had prepared an ordinance in this regard and it had all these provisions. According to this ordinance, the validity of old notes of Rs 500 and Rs 1000 was formally abolished and according to the rules, action will be taken against any person found in possession of more than 10 old notes.
2000 notes
It is noteworthy that the Reserve Bank of India had announced to withdraw the Rs 2000 bank note from circulation on 19 May 2023. After which gradually the Reserve Bank of India withdrew all these notes. March 2024: About 97.62 percent of notes worth Rs 2,000 have been returned to RBI.
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